Lead Plaintiff Deadline: 10/26/2020
SUMMARY OF CASE:
A securities class action has been filed against Braskem S.A. (BAK) on behalf of a class consisting of all personsand entities other than Defendants that purchased or otherwise acquired Braskem securities between May 6, 2016 through July 8, 2020. This case has been filed in the USDC – S.D.N.J.
The Complaint alleges that on July 9, 2020, Braskem disclosed that authorities in northeastern Brazil had advised Braskem that residents of 1,918 homes needed to be evacuated due to a geological event that Braskem had caused via its mining operations. Braskem estimated that the cost of moving the residents would be 850 million reais, with another 750 million reais for additional measures relating to the permanent closure of Braskem’s salt extraction activities in the region. On this news, Braskem’s American Depositary Receipt price fell $0.59 per share, or 6.2%, to close at $8.93 per share on July 9, 2020, damaging investors.